Chevron, Exxon and others to spend $36.8B in Kazakhstan

NEW YORK: Chevron, Exxon Mobil and its other partners say they will spend $36.8 billion to develop more oil in Kazakhstan.

The project is expected to increase production to about 1 million barrels of oil equivalent per day in 2022.

Chevron, Exxon Mobil and its partners are forming a venture called Tengizchevroil. Chevron owns 50 percent of Tengizchevroil. Exxon Mobil Corp., based in Irving, Texas, has a 25 percent stake. Kazakhstan oil and gas company KazMunayGas has a 20 percent stake and LukArco, a subsidiary of Russia's Lukoil, has a 5 percent stake.

Chevron Corp., based in San Ramon, California, says $27.1 billion will be spent on facilities and $3.5 billion for wells. Another $6.2 billion will go to other unnamed costs.